Re:New Taxes and Higher Density Aren't Fixing Vancouver's Ho...
by zaroth on Thursday May 09, 2019 @12:05AM
(#19865274)
Selling a unit with a tenant is hard, even if the new buyer is planning to rent.
Typically before and after the sale there is work being done on a unit that can’t be done while it’s occupied. Also the new buyer might have different screening they want to do for a prospective tenant, or may want a different lease term, etc.
It’s worth losing a couple months rent to be able to show the unit when you want, to have it cleared out so the buyer can inspect it, and sell it without a lease attached that they may not like. It also limits the buyer pool to sell it already leased to someone a prospective buyer doesn’t know and doesn’t want to know.
I got kicked out of my unit vancouver unit (3500$/month) because my landlord wanted to sell. In Vancouver's market a unit with a renter is worth LESS than a vacant property. Clearing it out to repaint and upgrade a few faucets is worth more than the rent income. That's how twisted the market has become.
Professional landlords like paying tenants. Investors see them as potential problems, irritants and impediments to redevelopment or construction.